The study of economics deals with the issue of scarcity. Questions on what to produce, how goods and services will be produced and how produced goods and services are distributed in society, represents the kinds of questions economists deal with on a daily basis. Economics explores how do we use scarce resources to satisfy unlimited wants in society. The study of economics utilizes historical data, theoretical models and empirical evidence to explain the behavior of individuals, firms and nations in producing and consuming goods and services.
Economics allows students to think critically, analyze complex problems and apply solutions to real world problems. Economics provides students the foundation for various academic and professional endeavors. Professionals in management, law, education, government, finance and international affairs use economic analysis. Employers and graduate schools often seek individuals with an understanding of economics.